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12 Cards in this Set
- Front
- Back
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Requirements to form a valid contract |
1. offer ( objective manifestation of an intention to be bound) 2. Acceptance (indicating a commitment to be bound. 3. Consideration (bargain for exchange) 4. No defenses to formation |
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UCC Art 2 Sale of Goods |
Art 2 of the uniform commercial code governs the sale of goods and goods are identified as all thing moveable |
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Mutual mistake vs unilateral mistake |
A contract may be rescinded or reformed on the basis of mutual mistake. Both mistaken as to basic assumption of contract and this is material to the contract. Unitlateral mistake is a mistake made by one party unknown to other. Generally contract not voidable HOWEVER it will be voidable at election of mistaken party if other party knew or had reason to know of that parties mistake. PRICE/VALUE IS NOT MATERIAL |
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Quasi contract |
A quasi contract is used when an unenforceable agreement confers a benefit on one person and they are unjustifiably enriched. Courts will allow other party to recover the reasonable valuable if the benefit conferred. |
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Mirror Image Rule & UCC exception |
The common law mirror image rule requires that an acceptance must mirror the offer otherwise it is a counteroffer. However the UCC does not require such strict adherence. Additional/ different terms are included in the contract if they meet the requirements 1. both parties merchants 2. doesn't affect material terms 3. no objection within reasonable time **late penalties not material |
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Release/Waiver to bring legal claims |
A release or waiver is the voluntary relinquishment of known right or privilege. Governed by principles of contract law so its enforceable if we have valid agreement and the D can raise it as an affirmative defense in answer or pre answer motion to dismiss. |
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Valid contracts are binding upon a persons estate |
NY allows that |
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Employment at will |
in NY employees are assumed to be at will meaning any part can terminate employment at any time for any reason unless extreme situation such as discriminatory racism! A contract of employment can specify terms an if an employment contract is for an indefinite duration it is presumed to be at will |
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Disclaimer of liability for negligent act |
This is permissible, there can be disclaimer in contract for negligence if terms UNEQUIVOCAL but not for intentional torts or gross negligence! also an employer is always liable for negligence of employess in scope of employment |
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Unilateral contracts |
A unilateral contract can only be formed by the completion of performance. there is no obligation to complete performance. Person must know they are performing for it to constitute. |
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Mailbox Rule |
acceptance on dispatch revocation on receipt |
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Consideration -pre existing duty rule |
Under the common law, |
